U.S. President Donald Trump is willing to delay the next round of fresh tariffs on nearly $160 billion of Chinese goods, originally scheduled to take effect Dec. 15, after China pledged $50 billion in farm purchases next year, Bloomberg News and Reuters reported, citing sources.

The two sides are believed to have agreed the terms for the "phase one" deal, as part of which the U.S. is also considering lowering existing tariffs, though legal text is yet to be finalized, Bloomberg News reported.

A deal would also require China to step up efforts toward intellectual-property protection and obligate both parties not to engage in foreign-currency manipulation, Bloomberg News said.

The S&P 500 closed 0.9% higher yesterday, as Trump tweeted that the U.S. was "getting very close to a big deal with China."

Markets, however, still await an official announcement on whether any terms had been agreed.